Spire Wealth Management Has $1.98 Million Stock Position in Shopify Inc. (NYSE:SHOP)

Spire Wealth Management cut its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,763 shares of the software maker’s stock after selling 3,139 shares during the period. Spire Wealth Management’s holdings in Shopify were worth $1,981,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. StoneCrest Wealth Management Inc. bought a new stake in Shopify in the 4th quarter valued at $1,164,000. Asset Management One Co. Ltd. boosted its position in shares of Shopify by 4,007.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after acquiring an additional 34,624 shares during the period. SeaCrest Wealth Management LLC acquired a new position in shares of Shopify in the fourth quarter valued at about $433,000. Bleakley Financial Group LLC increased its position in Shopify by 18.5% during the fourth quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock worth $840,000 after acquiring an additional 1,681 shares during the period. Finally, Advisor Resource Council acquired a new stake in Shopify in the 4th quarter worth about $1,488,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 0.9 %

Shopify stock traded down $0.66 during midday trading on Tuesday, hitting $76.71. 1,077,626 shares of the stock were exchanged, compared to its average volume of 9,168,664. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The business’s 50-day moving average price is $74.73 and its 200-day moving average price is $73.60. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $98.69 billion, a price-to-earnings ratio of 859.98 and a beta of 2.20.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. On average, research analysts expect that Shopify Inc. will post 0.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SHOP shares. Wells Fargo & Company cut their price objective on shares of Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, February 14th. Needham & Company LLC restated a “hold” rating on shares of Shopify in a research report on Tuesday, April 16th. Morgan Stanley raised Shopify from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $74.00 to $85.00 in a report on Friday, April 19th. CIBC increased their target price on shares of Shopify from $82.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Finally, ATB Capital increased their price objective on shares of Shopify from $105.00 to $110.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Shopify currently has an average rating of “Hold” and a consensus price target of $79.00.

Shopify Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.